Frank C. Rathje
Encyclopedia
Frank C. Rathje was a Chicago
banker who served as President of the American Bankers Association
and the Illinois Bankers' Association during World War II
. He founded the Mutual National Bank in Chicago and was President of the Chicago City Bank and Trust Company.
, to William and Louisa Rathje of Hanover, Germany. He attended St. John's Northwestern Military Academy
in 1903. However, he was forced to drop out due to lack of funding. In 1959, St. John's Northwestern presented him with an honorary degree.
Rathje attended night classes at Northwestern University Law School where he received his Juris Doctorate. On June 19, 1946, he was given an Honorary Doctrine of Business Administration by Northwestern University
. He also received an Honorary Doctrine from Monmouth College
.
. Rathje was simultaneously President of the Chicago City Bank and Trust Company. These banks were two of the seven Chicago banks that were allowed by the U.S. Treasury to remain open during The Great Depression. Rathje is credited with predicting the imminent economic collapse. He prevented a run on his banks by raising capital through the selling of bonds and Chicago real estate. These achievements led Rathje to be elected President of the American Bankers Association
in 1945. In this capacity, Rathje regularly consulted with President Harry S. Truman
and his cabinet regarding economic recovery strategies.
Rathje served as President of the Transportation Association of America and was a member of the Chicago Plan Commission from 1937 to 1954 after the passing of former commissioner Charles Wacker.
and Rathje Track in Princeton, Illinois
. Frank Rathje, Jr., currently lives in Fond du Lac, Wisconsin
. He is the great uncle of William Rathje
.
Rathje was a philanthropist in the Chicago area. He left much of his estate to the Glenwood School for Boys and Girls located in Glenwood, Illinois
. Glenwood dedicated the St. Charles, Illinois
, campus to the Rathje family in 2000, naming it the Rathje Campus. He served as President of the Union League Club of Chicago
and contributed to much of the club's current art collection. He was also a member of the Freemasonry
.
Rathje was an avid hunter and fisherman. He served as President of the Big Sand Lake Hunting and Fishing Club in Phelps, Wisconsin
.
Rathje owned several cattle and grain farms in rural Illinois
. He served as President of the Percheron Horse Association of America and was a member of the Saddle and Sirloin club.
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
banker who served as President of the American Bankers Association
American Bankers Association
The American Bankers Association is an industry trade group and professional association representing the United States' banking industry...
and the Illinois Bankers' Association during World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
. He founded the Mutual National Bank in Chicago and was President of the Chicago City Bank and Trust Company.
Childhood and Education
Rathje was born in Bloomingdale, IllinoisBloomingdale, Illinois
Bloomingdale is a village in DuPage County, Illinois, United States, approximately 25 miles west of Chicago. The population was 21,675 at the 2000 census.-History:...
, to William and Louisa Rathje of Hanover, Germany. He attended St. John's Northwestern Military Academy
St. John's Northwestern Military Academy
St. John's Northwestern Military Academy was founded in 1884 as St. John's Military Academy in Delafield, Wisconsin, by Rev. Sidney T. Smythe as a private, all-male college preparatory and leadership development school. In 1995, St. John's Military Academy merged with Northwestern Military and...
in 1903. However, he was forced to drop out due to lack of funding. In 1959, St. John's Northwestern presented him with an honorary degree.
Rathje attended night classes at Northwestern University Law School where he received his Juris Doctorate. On June 19, 1946, he was given an Honorary Doctrine of Business Administration by Northwestern University
Northwestern University
Northwestern University is a private research university in Evanston and Chicago, Illinois, USA. Northwestern has eleven undergraduate, graduate, and professional schools offering 124 undergraduate degrees and 145 graduate and professional degrees....
. He also received an Honorary Doctrine from Monmouth College
Monmouth College
Monmouth College is a four-year coeducational private liberal arts college located in Monmouth, Illinois, United States.-History:Monmouth College was founded on April 18, 1853 by the Second Presbytery of Illinois, a frontier arm of the Associate Reformed Presbyterian Church...
.
Career
Rathje founded the Mutual National Bank of Chicago, Illinois, in 1917. Upon Rathje's death, the bank merged with the LaSalle BankLaSalle Bank
LaSalle Bank Corporation was the holding company for LaSalle Bank N.A. and LaSalle Bank Midwest N.A. . With $116 billion in assets, it was headquartered at 135 South LaSalle Street in Chicago, Illinois...
. Rathje was simultaneously President of the Chicago City Bank and Trust Company. These banks were two of the seven Chicago banks that were allowed by the U.S. Treasury to remain open during The Great Depression. Rathje is credited with predicting the imminent economic collapse. He prevented a run on his banks by raising capital through the selling of bonds and Chicago real estate. These achievements led Rathje to be elected President of the American Bankers Association
American Bankers Association
The American Bankers Association is an industry trade group and professional association representing the United States' banking industry...
in 1945. In this capacity, Rathje regularly consulted with President Harry S. Truman
Harry S. Truman
Harry S. Truman was the 33rd President of the United States . As President Franklin D. Roosevelt's third vice president and the 34th Vice President of the United States , he succeeded to the presidency on April 12, 1945, when President Roosevelt died less than three months after beginning his...
and his cabinet regarding economic recovery strategies.
Rathje served as President of the Transportation Association of America and was a member of the Chicago Plan Commission from 1937 to 1954 after the passing of former commissioner Charles Wacker.
Personal life
Rathje married Josephine Logan of New York City and had four children: Theron, Josephine, Shirley, and Frank Jr. who is the former Chairman of Illinois Valley Bancshares and namesake of Rathje Hall at Grinnell CollegeGrinnell College
Grinnell College is a private liberal arts college in Grinnell, Iowa, U.S. known for its strong tradition of social activism. It was founded in 1846, when a group of pioneer New England Congregationalists established the Trustees of Iowa College....
and Rathje Track in Princeton, Illinois
Princeton, Illinois
Princeton is a city in Bureau County, Illinois, United States. The population was 7,501 at the 2000 census. It is the county seat of Bureau County.Princeton is part of the Ottawa–Streator Micropolitan Statistical Area.-History:...
. Frank Rathje, Jr., currently lives in Fond du Lac, Wisconsin
Fond du Lac, Wisconsin
Fond du Lac is a city in Fond du Lac County, Wisconsin, United States. The name is French for bottom of the lake, for it is located at the bottom of Lake Winnebago. The population was 42,203 at the 2000 census...
. He is the great uncle of William Rathje
William Rathje
William Laurens Rathje is an American archaeologist. He is professor emeritus of anthropology at the University of Arizona, with a joint appointment with the Bureau of Applied Research in Anthropology, and is consulting professor of anthropological sciences at Stanford University...
.
Rathje was a philanthropist in the Chicago area. He left much of his estate to the Glenwood School for Boys and Girls located in Glenwood, Illinois
Glenwood, Illinois
Glenwood is a village in Cook County, Illinois, United States. The population was 9,000 at the 2000 census.-Geography:Glenwood is located at ....
. Glenwood dedicated the St. Charles, Illinois
St. Charles, Illinois
St. Charles is a Chicago suburb in Kane and DuPage counties of Illinois, United States, and is roughly west of Chicago on Illinois Route 64. According to a 2004 census estimate, the city has a total population of 32,134. The official city slogan is Pride of the Fox, after the Fox River that runs...
, campus to the Rathje family in 2000, naming it the Rathje Campus. He served as President of the Union League Club of Chicago
Union League Club of Chicago
The Union League Club of Chicago is a prominent social club located in downtown Chicago.-History:The Club can trace its roots to 1862, when radical southern sympathizers in the north were plotting an insurrection in Lincoln’s home state...
and contributed to much of the club's current art collection. He was also a member of the Freemasonry
Freemasonry
Freemasonry is a fraternal organisation that arose from obscure origins in the late 16th to early 17th century. Freemasonry now exists in various forms all over the world, with a membership estimated at around six million, including approximately 150,000 under the jurisdictions of the Grand Lodge...
.
Rathje was an avid hunter and fisherman. He served as President of the Big Sand Lake Hunting and Fishing Club in Phelps, Wisconsin
Phelps, Wisconsin
Phelps is a town in Vilas County, Wisconsin, United States. The population was 1,350 at the 2000 census. The unincorporated community of Phelps is located in the town.-Geography:...
.
Rathje owned several cattle and grain farms in rural Illinois
Illinois
Illinois is the fifth-most populous state of the United States of America, and is often noted for being a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal,...
. He served as President of the Percheron Horse Association of America and was a member of the Saddle and Sirloin club.